Brevard County Real Estate Market Trends for 2024
The Brevard County housing market showed fascinating trends throughout 2024, reflecting changes in buyer behavior, inventory, and pricing. Whether you’re looking to buy, sell, or simply stay informed, Team LGI is here to keep you updated. We’ve broken down the housing statistics by Single-Family homes and Townhouses/Condos to help you get a clear picture of the market. Here’s what you need to know about December, Q4, and Annual 2024 reports brought to you by the Space Coast Association of REALTORS®!
December 2024 Highlights
December kicked off the holiday season with an increase in activity for Single-Family homes. Closed sales climbed 22.1% compared to December 2023, with 817 homes sold. However, the Median Sales Price stayed steady at $369,995, showing no change from the prior year. Inventory rose as the Months' Supply grew to 4.0 months, up 25.0%. New Pending Sales also increased, signaling ongoing interest from buyers.
On the Townhouses/Condos side, Closed Sales were up 8.8%, with 173 units sold in December. The Median Sales Price dipped slightly, down 1.2% to $287,500, but inventory surged to 7.1 months, a rise of nearly 44.9%, giving buyers more options heading into 2025.
Q4 2024 Performance
The fourth quarter brought some mixed results. Single-Family homes saw a slight dip in Closed Sales, down 1.1%, but the Median Sales Price grew 2.7% to $375,000. While New Listings and Pending Sales saw slight declines, the Months' Supply of Inventory remained consistent with December at 4.0 months.
For Townhouses/Condos, quarterly Closed Sales were down 12.0%, with 461 units sold. The Median Sales Price held steady at $294,900, but inventory continued to rise, signaling a shift toward a buyer’s market in the condo segment.
Annual 2024 Overview
Looking at 2024 as a whole, the Brevard County market reflected resilience despite shifts in inventory and sales. Single-Family homes saw Closed Sales decline slightly by 2.3%, but the Median Sales Price grew a strong 5.0% year-over-year, reaching $379,125, a sign of steady long-term value appreciation. Interestingly, Foreclosure/REO Sales surged 45.1%, representing potential opportunities for investors or buyers seeking deals.
For Townhouses and Condos, Annual Closed Sales were down 9.3%, and the Median Sales Price saw a slight decrease of -1.3%, settling at $295,000. Inventory dramatically increased to 7.1 months, up 44.9%, indicating a potential cooling in the condo market that could benefit prospective buyers.
What Does This Mean for You?
The Brevard County housing market continued to evolve in 2024, offering opportunities and challenges for both buyers and sellers. If you’re considering selling, current pricing trends for Single-Family homes show strong returns on investment. Rising inventory might give homebuyers more negotiating power heading into 2025, especially in the condo market.
At Team LGI, we’re here to guide you through these changes with local expertise and personalized service. Whether you’re buying your dream home, selling your property, or investing in Brevard real estate, our team can help you make sense of the data and make informed decisions.
Have questions about these stats or want to discuss your real estate goals? Don’t hesitate to reach out to Team LGI today!
